During the year, ABC Company's cost of goods manufactured is $450,000. Beginning of the year finished goods inventory is $120,000 and end of the year finished goods inventory is $160,000. What is the cost of goods sold? a. $290,000. b. $410,000. c. $450,000. d. $490,000. e. $610,000.

During the year, ABC Company's cost of goods manufactured is $450,000. Beginning of the year finished goods inventory is $120,000 and end of the year finished goods inventory is $160,000. What is the cost of goods sold? a. $290,000. b. $410,000. c. $450,000. d. $490,000. e. $610,000.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

See similar textbooks

Related questions

Q: Give true answer of this accounting question

A: Step 1: Define Couple Tax StatusMarried couples have an advantage in filing their tax returns. They…

Q: Do fast and correct calculation

A: Information provided:Return on Equity (ROE) = 20%Discount rate = 20%Expected earnings this year…

Q: Provide answer the accounting question

A: Step 1:- Define Relevant CostsFor making a short-term decision, the incremental or differential…

Q: A business reports sales revenue of $200,000 and the cost of goods sold is $120,000. What is the…

A: Explanation of Sales Revenue: Sales revenue refers to the total amount of money generated from the…

Q: Accounting

A: If you have any problem let me know in comment section thank you.

Q: Need help with this general accounting

A: Step 1: Define High-Low MethodHigh-Low Method is the easiest method for separating the variable cost…

Q: Marigold Company's record of transactions for the month of April was as follows. Purchases Sales…

A: Step 1: Organize PurchasesWe need to organize the purchases and their respective units and…

Q: Question: 63 Dividends appear on which financial statement? a) Balance Sheet b) Income Statement c)…

A: In practice, dividends are declared out of retained earnings. It will appear in the statement of…

Q: I need to get this answered ASAP for accounting!!!

A: Important notes:A reconciling item is a difference between balances from two sources that are being…

Q: Accurate Answer with explanation thank you

A: Explanation of Cash:Cash refers to the physical currency or money that a company has readily…

Q: Financial Accounting Question 12

A: Explanation of Total Cost Paid:Total cost paid refers to the actual amount of money spent by a…

Q: Can you just answer #4 in table form, thanks!

A: First, we compute for the total cost & total lower of cost or NRV as shown…

Q: Business 123 Introduction to Investments May I please have an explanation for the following problem?…

A: Robinhood and Commission-Free TradingRobinhood has revolutionized the investment scene by delivering…

Q: Piefer Company sells refrigerators with an embedded 3-year warranty. During 2022, Piefer sold 15,000…

A: Step 1: Introduction to warranty expenseWarranty expense refers to the estimated costs that could be…

Q: Rmn

A: Step 1: Calculate the mileage deduction• 830 miles × $0.22 per mile.Step 2: Include the cost of…

Q: The following is the preclosing trial balance for Allen University as of June 30, 2023. Additional…

A: ALLEN UNIVERSITY Statement of Activities For the Year Ended June 30, 2023 Without Donor…

Q: Tech Innovators Inc., a technology company, sells high- quality gadgets. At the beginning of 2023,…

A: 1) i) Cost of goods available for sale:- Cost of goods available for sale = Beginning inventory +…

Q: On October 1, Purr-fect Patty bought some new equipment for her Purr-fect Pet Park, Purr-fect Paw…

A: I understand you'd like help with analyzing Purr-fect Patty's equipment purchase and depreciation…

Q: All of the following increase pension expense except: service cost. interest on the liability.…

A: Pension expense is the amount that a business needs to contribute to its employees' retirement…

Q: Want Answer

A: Explanation of Trial Balance:A Trial Balance is a report that lists the balances of all general…

Q: General accounting

A: The degree of operating leverage (DOL) shows how sensitive running cash flows are to changes in the…

Q: Please help me solve this question

A: Step 1: Define Equivalent UnitsEquivalent units are used in process costing to calculate the cost…

Q: A company has a net income of $75,000 and total assets of $500,000. What is the return on assets? A)…

A: Explanation of Net Income: Net income represents the total profit a company earns after deducting…

Q: Business 123 Introduction to Investments May I please have the solution for the following exercise?…

A: The Dividend Discount Model (DDM) is used to estimate the intrinsic value of a stock based on the…

Q: General Accounting

A: Step 1: Define Units of Production MethodA type of depreciation known as the units of production…

Q: Need help with this question

A: Step 1: Compute the units completed and transferred out during the period by using the following…

Q: Financial Accounting

A: Step 1: Define Notes ReceivableThe issuance of notes is recorded by the payee as notes receivable,…

Q: while examining cash receipts information the accounting department determined the following…

A: The given information includes the opening cash balance, which is the amount of cash available at…

Q: Financial accounting

A: Explanation of Profitability Index (PI):The profitability index is a financial metric used to…

Q: The Individual financial statements for Abbey Company and Bellstar Company for the year ending…

A: ---Consolidation Worksheet for the Year Ending December 31, 2024| Account…

Q: Guilford Department store is a Barbadian Company that operates in Bridgetown, Barbados. The Company…

A: Please rate if ever I was able help you. Thank you!

Q: Provide correct answer. accounting

A: Step 1: Define Labor VarianceLabor variance is used in a business if there is a compensation expense…

Q: Hello tutor please need help with this question

A: Step 1: Define Weighted Average MethodThe weighted average method for calculating equivalent units…

Q: hh

A: The variable costing income statement considers the variable cost as a part of the production and…

Q: How to get answers for a balance sheet using only ratios and interesting expanse of $9 million and…

A: To construct a balance sheet using the provided financial ratios and information, you can follow a…

Q: How many units must it sell?

A: 1. Calculate the contribution margin per unit: The contribution margin is the amount each unit sale…

Q: Financial accounting.

A: Step 1: Define Change In Operating Cash FlowA change in operating cash flow occurs in correspondence…

Q: Accounting Arness woodcrfters .

A: Step 1: Introduction to the Account ReceivableAccount receivable can be defined as the amount of…

Q: nik.3 answer must be in table format or i will give down vote

A: Approach to solving the question: I have provided the answer in tabular form below as requested by…

Q: Question 5 of 5 Sandhill Company Balance Sheet For the Year Ended 2025 Current assets Cash $237.500…

A: If you have any clarifications (i.e., expand the explanation) or want different, expanded, or…

Q: Revenue is recognized when it is: a) Earned b) Collected in cash c) Invoiced d) Paid for

A: Here's an explanation of each option:a) EarnedRevenue is recognized when it is earned, meaning when…

Q: Want accurate answer

A: Explanation of Net Sales:Net sales refer to the total revenue generated by a company from its goods…

Q: Answer in step by step with explanation. Don't use Ai and chatgpt

A: Calculate the Present Value of Health Care BenefitsAnnual benefit: $40,000Number of years of…

Q: What is the dollar amount of taxes paid?

A: Step 1: Define Taxable IncomeThe corporate taxable income is the business income after all qualified…

Q: Accounting Question answer please

A: Step 1: Define Sustainable Growth RateThe level of growth of the business entity that can be…

Q: None

A: Average Collection Period = 365*(Accounts Receivable/Net Sales)30 = 365*(4.30/Net Sales)30/365 =…

Q: I want to correct answer

A: Step 1: Define Beginning InventoryThere is an accounting period during which every recording…

Q: Question in image, thanks!

A: Step 1:Determine the COGS for the first sale (July 13, 56 units)Step 2:Determine the COGS for the…

Q: Need help

A: Step 1: Define Weighted average methodThe method used for inventory valuation in which weighted…

Q: Question 3 On April 1, 2008, Perfection Ltd issued 8% bonds with a principal amount of $600,000. The…

A: ---Part 1: Determine the price of the bonds on April 1, 2008Given:- Face value (principal) =…

Question

I want an answer to this Question Please Provide a Step by step solution

During the year, ABC Company's cost of goods
manufactured is $450,000. Beginning of the year
finished goods inventory is $120,000 and end of the
year finished goods inventory is $160,000.
What is the cost of goods sold?
a. $290,000.
b. $410,000.
c. $450,000.
d. $490,000.
e. $610,000.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Shaquille Corporation began the current year with inventory of 50,000. During the year, its purchases totaled 110,000. Shaquille paid freight charges of 8,500 for those purchases. At the end of the year, Shaquille had inventory of 47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year.
Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y8: Estimated returns of current year sales 11,600 Inventory, May 1, 20Y7 380,000 Inventory, April 30, 20Y8 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the Cost of goods sold section of the income statement for the year ended April 30, 20Y8, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 20Y8. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?
Cost of Goods Manufactured, Income Statement W. W. Phillips Company produced 4,000 leather recliners during the year. These recliners sell for 400 each. Phillips had 500 recliners in finished goods inventory at the beginning of the year. At the end of the year, there were 700 recliners in finished goods inventory. Phillips accounting records provide the following information: Required: 1. Prepare a statement of cost of goods manufactured. 2. Compute the average cost of producing one unit of product in the year. 3. Prepare an income statement for external users.
Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement shows cost of goods sold of $2,000. What was the beginning inventory if the ending inventory was $1,000?
Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.
Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year, it made net purchases of 180,000 at cost and 322,000 at retail. Johnson nude sales of 300,000. Assuming a price index of 100 at the beginning of the year and 110 at the end of the year, compute Johnsons ending inventory at cost using the dollar-value LIFO retail method.
Masonrys records show the raw materials inventory had purchases of $1,000and an ending raw materials inventory balance of $200. If the cost of materials used during the month was $900, what was the beginning inventory?
Assume your company uses the periodic inventory costing method, and the inventory count left out an entire warehouse of goods that were in stock at the end of the year, with a cost value of $222,000. How will this affect your net income in the current year? How will it affect next years net income?
On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the year. On its year-end income statement, Pope reported cost of goods sold of 1,025,000. Calculate Popes December 31 ending inventory.
What are the total costs to account for if a companys beginning inventory had $231,432 in materials, $186,450 in conversion costs, and added direct material costs ($4,231,392), direct labor ($2,313,392), and manufacturing overhead ($1,156,696)?
Pietro expects to produce 50,000 units and sell 49,300 units. Beginning inventory of finished goods is 42,500, and ending inventory of finished goods is expected to be 34,000. Required: 1. Prepare a statement of cost of goods sold in good form. 2. What if the beginning inventory of finished goods decreased by 5,000? What would be the effect on the cost of goods sold?
Please give me answer